{"id":10884,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-drm-lm1\/"},"modified":"2026-09-22T07:44:41","modified_gmt":"2026-09-21T22:44:41","slug":"cfa-l3-drm-lm1","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-drm-lm1\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Derivatives and Risk Management LM1\u3011Options Strategies \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u5408\u6210\u30dd\u30b8\u30b7\u30e7\u30f3\u30fb\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30ad\u30e5\u30fc"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 1\u300cOptions Strategies\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\uff09\u300d\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u3088\u308b\u8cc7\u7523\u30ea\u30bf\u30fc\u30f3\u306e\u8907\u88fd\u3001\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u3068\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u3001\u30c7\u30eb\u30bf\u306e\u6bd4\u8f03\u3001\u30b7\u30e7\u30fc\u30c8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u30d8\u30c3\u30b8\u3001\u30d6\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30d9\u30a2\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30b9\u30c8\u30e9\u30c9\u30eb\u3001\u30ab\u30e9\u30fc\u3001\u30ab\u30ec\u30f3\u30c0\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30ad\u30e5\u30fc\u3068\u30b9\u30de\u30a4\u30eb\u3001\u76ee\u7684\u306b\u5408\u3063\u305f\u6226\u7565\u306e\u9078\u629e\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM1\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM1\u306b\u306f10\u500b\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u4f7f\u3063\u3066\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u3069\u306e\u3088\u3046\u306b\u8907\u88fd\u3067\u304d\u308b\u304b\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate how an asset\u2019s returns may be replicated by using options<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u306e\u6295\u8cc7\u76ee\u7684\u3001\u69cb\u6210\u3001\u30da\u30a4\u30aa\u30d5\u3001\u30ea\u30b9\u30af\u3001\u6e80\u671f\u6642\u4fa1\u5024\u3001\u640d\u76ca\u3001\u6700\u5927\u5229\u76ca\u3001\u6700\u5927\u640d\u5931\u3001\u6e80\u671f\u6642\u306e\u640d\u76ca\u5206\u5c90\u70b9\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the investment objective(s), structure, payoff, risk(s), value at expiration, profit, maximum profit, maximum loss, and breakeven underlying price at expiration of a covered call position<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u306e\u6295\u8cc7\u76ee\u7684\u3001\u69cb\u6210\u3001\u30da\u30a4\u30aa\u30d5\u3001\u30ea\u30b9\u30af\u3001\u6e80\u671f\u6642\u4fa1\u5024\u3001\u640d\u76ca\u3001\u6700\u5927\u5229\u76ca\u3001\u6700\u5927\u640d\u5931\u3001\u6e80\u671f\u6642\u306e\u640d\u76ca\u5206\u5c90\u70b9\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the investment objective(s), structure, payoff, risk(s), value at expiration, profit, maximum profit, maximum loss, and breakeven underlying price at expiration of a protective put position<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u3068\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u306e\u30c7\u30eb\u30bf\u3092\u3001\u8cc7\u7523\u306e\u30ed\u30f3\u30b0\u3068\u539f\u8cc7\u7523\u306e\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u30b7\u30e7\u30fc\u30c8\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare the delta of covered call and protective put positions with the position of being long an asset and short a forward on the underlying asset<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u539f\u8cc7\u7523\u306e\u30b7\u30e7\u30fc\u30c8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u5bfe\u3057\u3001\u30b3\u30fc\u30eb\u3092\u8cb7\u3046\u52b9\u679c\u3068\u30d7\u30c3\u30c8\u3092\u58f2\u308b\u52b9\u679c\u3092\u6bd4\u8f03\u3059\u308b<\/span><span class=\"en\">compare the effect of buying a call on a short underlying position with the effect of selling a put on a short underlying position<\/span><\/li>\n<li><span class=\"ja\">LOS 6\uff1a\u30d6\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30d9\u30a2\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30b9\u30c8\u30e9\u30c9\u30eb\u3001\u30ab\u30e9\u30fc\u306b\u3064\u3044\u3066\u3001\u6295\u8cc7\u76ee\u7684\u3001\u69cb\u6210\u3001\u30da\u30a4\u30aa\u30d5\u3001\u30ea\u30b9\u30af\u3001\u6e80\u671f\u6642\u4fa1\u5024\u3001\u640d\u76ca\u3001\u6700\u5927\u5229\u76ca\u3001\u6700\u5927\u640d\u5931\u3001\u6e80\u671f\u6642\u306e\u640d\u76ca\u5206\u5c90\u70b9\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the investment objective(s), structure, payoffs, risk(s), value at expiration, profit, maximum profit, maximum loss, and breakeven underlying price at expiration of the following option strategies: bull spread, bear spread, straddle, and collar<\/span><\/li>\n<li><span class=\"ja\">LOS 7\uff1a\u30ab\u30ec\u30f3\u30c0\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u7528\u9014\u3092\u8aac\u660e\u3059\u308b<\/span><span class=\"en\">describe uses of calendar spreads<\/span><\/li>\n<li><span class=\"ja\">LOS 8\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30ad\u30e5\u30fc\u3068\u30b9\u30de\u30a4\u30eb\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss volatility skew and smile<\/span><\/li>\n<li><span class=\"ja\">LOS 9\uff1a\u4e0e\u3048\u3089\u308c\u305f\u6295\u8cc7\u76ee\u7684\u306b\u5408\u3063\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u3092\u7279\u5b9a\u30fb\u8a55\u4fa1\u3059\u308b<\/span><span class=\"en\">identify and evaluate appropriate option strategies consistent with given investment objectives<\/span><\/li>\n<li><span class=\"ja\">LOS 10\uff1a\u76ee\u6a19\u3068\u3059\u308b\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5229\u7528\u3092\u793a\u3059<\/span><span class=\"en\">demonstrate the use of options to achieve targeted equity risk exposures<\/span><\/li>\n<\/ol>\n<h2>LM1\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u540c\u3058\u539f\u8cc7\u7523\u30fb\u884c\u4f7f\u4fa1\u683c\u30fb\u6e80\u671f\u306e\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3068\u30d7\u30c3\u30c8\u306e\u58f2\u308a\u3067\u5408\u6210\u30ed\u30f3\u30b0\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u8cb7\u3044\u3068\u540c\u7b49\uff09\u3001\u30b3\u30fc\u30eb\u306e\u58f2\u308a\u3068\u30d7\u30c3\u30c8\u306e\u8cb7\u3044\u3067\u5408\u6210\u30b7\u30e7\u30fc\u30c8\u304c\u4f5c\u308c\u308b<\/li>\n<li>\u30c7\u30eb\u30bf\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u306b\u5bfe\u3059\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u611f\u5fdc\u5ea6\u3001\u30ac\u30f3\u30de\u306f\u539f\u8cc7\u7523\u4fa1\u683c\u306b\u5bfe\u3059\u308b\u30c7\u30eb\u30bf\u306e\u611f\u5fdc\u5ea6\u3001\u30d9\u30ac\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3001\u30bb\u30fc\u30bf\u306f\u6642\u9593\u306e\u7d4c\u904e\u306b\u5bfe\u3059\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u611f\u5fdc\u5ea6<\/li>\n<li>\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u306f\u5229\u56de\u308a\u306e\u5411\u4e0a\u3084\u76ee\u6a19\u4fa1\u683c\u3067\u306e\u58f2\u5374\u306b\u4f7f\u308f\u308c\u3001\u6700\u5927\u640d\u5931\u306f\u682a\u5f0f\u5358\u4f53\u3088\u308a\u5c0f\u3055\u3044\u304c\u3001\u682a\u4fa1\u6025\u9a30\u6642\u306e\u6a5f\u4f1a\u640d\u5931\u304c\u3042\u308b<\/li>\n<li>\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u306f\u5024\u4e0a\u304c\u308a\u306e\u53ef\u80fd\u6027\u3092\u6b8b\u3057\u3064\u3064\u4e0b\u843d\u3092\u9650\u5b9a\u3059\u308b\u4fdd\u967a\u3002\u7d99\u7d9a\u7684\u306b\u8cb7\u3046\u3068\u30b3\u30b9\u30c8\u304c\u5927\u304d\u3044<\/li>\n<li>\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u540c\u7a2e\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3044\u3068\u58f2\u308a\u3067\u7d44\u307f\u5408\u308f\u305b\u3001\u30b3\u30b9\u30c8\u3092\u4e0b\u3052\u308b\u4ee3\u308f\u308a\u306b\u6700\u5927\u5229\u76ca\u3092\u9650\u5b9a\u3059\u308b\u3002\u30d6\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u30d9\u30a2\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u6700\u5927\u5229\u76ca\u30fb\u6700\u5927\u640d\u5931\u3068\u3082\u9650\u5b9a<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b9\u30c8\u30e9\u30c9\u30eb\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e0a\u6607\u3092\u3001\u30b7\u30e7\u30fc\u30c8\u30fb\u30b9\u30c8\u30e9\u30c9\u30eb\u306f\u5b89\u5b9a\u3092\u898b\u8fbc\u3080\u6226\u7565\u3002\u30ab\u30e9\u30fc\u306f\u5024\u4e0a\u304c\u308a\u76ca\u3092\u624b\u653e\u3057\u3066\u4e0b\u843d\u306b\u5099\u3048\u308b<\/li>\n<li>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5e02\u5834\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u3002\u682a\u5f0f\u3067\u306fOTM\u30d7\u30c3\u30c8\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044\u30b9\u30ad\u30e5\u30fc\u304c\u4e00\u822c\u7684<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u306f\u660e\u78ba\u306a\u6295\u8cc7\u76ee\u7684\u306b\u57fa\u3065\u304d\u3001\u539f\u8cc7\u7523\u306e\u65b9\u5411\u6027\u3068\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u5316\u306e\u898b\u901a\u3057\u3092\u6301\u3063\u3066\u9078\u3076<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u3088\u308b\u30ea\u30bf\u30fc\u30f3\u306e\u8907\u88fd<\/h3>\n<p>\u540c\u3058\u539f\u8cc7\u7523\u30fb\u884c\u4f7f\u4fa1\u683c\u30fb\u6e80\u671f\u306e<strong>\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\uff0b\u30d7\u30c3\u30c8\u306e\u58f2\u308a<\/strong>\u306f\u5408\u6210\u30ed\u30f3\u30b0\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u8cb7\u3044\uff09\u3001<strong>\u30b3\u30fc\u30eb\u306e\u58f2\u308a\uff0b\u30d7\u30c3\u30c8\u306e\u8cb7\u3044<\/strong>\u306f\u5408\u6210\u30b7\u30e7\u30fc\u30c8\u306b\u306a\u308a\u307e\u3059\u3002\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30fb\u30d1\u30ea\u30c6\u30a3\u304b\u3089\u5408\u6210\u30b3\u30fc\u30eb\u30fb\u5408\u6210\u30d7\u30c3\u30c8\u3082\u4f5c\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5408\u6210\u30ed\u30f3\u30b0\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\uff1a+C \u2212 P<\/li>\n<li>\u5408\u6210\u30b7\u30e7\u30fc\u30c8\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\uff1a\u2212C + P<\/li>\n<li>\u5408\u6210\u30d7\u30c3\u30c8\uff1a\u682a\u5f0f\u306e\u30b7\u30e7\u30fc\u30c8\uff0b\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\uff0b\u7121\u30ea\u30b9\u30af\u50b5\u306e\u8cb7\u3044\uff08\u884c\u4f7f\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u5024\uff09<\/li>\n<li>\u5408\u6210\u30b3\u30fc\u30eb\uff1a\u682a\u5f0f\u306e\u30ed\u30f3\u30b0\uff0b\u30d7\u30c3\u30c8\u306e\u8cb7\u3044\uff0b\u501f\u5165\u308c\uff08\u884c\u4f7f\u4fa1\u683c\u306e\u73fe\u5728\u4fa1\u5024\uff09<\/li>\n<li>\u30ae\u30ea\u30b7\u30e3\u6587\u5b57\uff1a\u30c7\u30eb\u30bf\u3001\u30ac\u30f3\u30de\u3001\u30d9\u30ac\u3001\u30bb\u30fc\u30bf\u3067\u611f\u5fdc\u5ea6\u3092\u628a\u63e1<\/li>\n<\/ul>\n<div class=\"cfalm-f\">S\u2080 + P\u2080 = C\u2080 + X \/ (1 + r)^T<\/div>\n<h3>LOS 2\uff1a\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb<\/h3>\n<p><strong>\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb<\/strong>\u306f\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3064\u3064\u30b3\u30fc\u30eb\u3092\u58f2\u308b\u6226\u7565\u3067\u3059\u3002\u30d7\u30ec\u30df\u30a2\u30e0\u53ce\u5165\u3067\u5229\u56de\u308a\u3092\u9ad8\u3081\u305f\u308a\u3001\u76ee\u6a19\u4fa1\u683c\u3067\u306e\u58f2\u5374\u306b\u4f7f\u3063\u305f\u308a\u3057\u307e\u3059\u304c\u3001\u682a\u4fa1\u4e0a\u6607\u306e\u5229\u76ca\u306f\u884c\u4f7f\u4fa1\u683c\u307e\u3067\u306b\u9650\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u69cb\u6210\uff1a\u682a\u5f0f\u306e\u30ed\u30f3\u30b0\uff0b\u30b3\u30fc\u30eb\u306e\u30b7\u30e7\u30fc\u30c8<\/li>\n<li>\u76ee\u7684\uff1a\u30a4\u30f3\u30ab\u30e0\u306e\u5411\u4e0a\u3001\u76ee\u6a19\u4fa1\u683c\u3067\u306e\u58f2\u5374\u3001\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u7e2e\u5c0f<\/li>\n<li>\u6700\u5927\u5229\u76ca\uff1aX \u2212 S\u2080 + c\u2080<\/li>\n<li>\u6700\u5927\u640d\u5931\uff1aS\u2080 \u2212 c\u2080\uff08\u682a\u4fa1\u304c\u30bc\u30ed\u306e\u5834\u5408\uff09<\/li>\n<li>\u640d\u76ca\u5206\u5c90\u70b9\uff1aS\u2080 \u2212 c\u2080<\/li>\n<li>\u30ea\u30b9\u30af\uff1a\u682a\u4fa1\u6025\u9a30\u6642\u306e\u6a5f\u4f1a\u640d\u5931\uff08\u53f3\u5074\u306e\u30c6\u30fc\u30eb\u3092\u8cb7\u3044\u624b\u306b\u6e21\u3059\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6e80\u671f\u6642\u4fa1\u5024 = S_T \u2212 max(0, S_T \u2212 X)<\/div>\n<h3>LOS 3\uff1a\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8<\/h3>\n<p><strong>\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8<\/strong>\u306f\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3064\u3064\u30d7\u30c3\u30c8\u3092\u8cb7\u3046\u6226\u7565\u3067\u3001\u4e0b\u843d\u306b\u5bfe\u3059\u308b\u4fdd\u967a\u306e\u5f79\u5272\u3092\u679c\u305f\u3057\u307e\u3059\u3002\u5024\u4e0a\u304c\u308a\u306e\u53ef\u80fd\u6027\u3092\u6b8b\u305b\u307e\u3059\u304c\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u30b3\u30b9\u30c8\u304c\u304b\u304b\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u69cb\u6210\uff1a\u682a\u5f0f\u306e\u30ed\u30f3\u30b0\uff0b\u30d7\u30c3\u30c8\u306e\u30ed\u30f3\u30b0<\/li>\n<li>\u6700\u5927\u5229\u76ca\uff1a\u7121\u9650\uff08S_T \u2212 S\u2080 \u2212 p\u2080\uff09<\/li>\n<li>\u6700\u5927\u640d\u5931\uff1aS\u2080 \u2212 X + p\u2080<\/li>\n<li>\u640d\u76ca\u5206\u5c90\u70b9\uff1aS\u2080 + p\u2080<\/li>\n<li>\u7d99\u7d9a\u7684\u306b\u8cb7\u3046\u3068\u9ad8\u30b3\u30b9\u30c8\u3002\u77ed\u671f\u7684\u306b\u5f31\u6c17\u306a\u5c40\u9762\u3067\u306e\u4e00\u6642\u7684\u306a\u5229\u7528\u306f\u5408\u7406\u7684<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u6e80\u671f\u6642\u4fa1\u5024 = S_T + max(0, X \u2212 S_T)<\/div>\n<h3>LOS 4\uff1a\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u306e\u30c7\u30eb\u30bf<\/h3>\n<p>\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\u306f1\u304b\u3089\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\u3092\u5f15\u3044\u305f\u5024\u3001\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u306e\u30c7\u30eb\u30bf\u306f1\u306b\u30d7\u30c3\u30c8\u306e\u30c7\u30eb\u30bf\uff08\u8ca0\uff09\u3092\u52a0\u3048\u305f\u5024\u3067\u3001\u3069\u3061\u3089\u3082<strong>1\u672a\u6e80<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u8cc7\u7523\u306e\u30ed\u30f3\u30b0\u306b\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u30b7\u30e7\u30fc\u30c8\u3092\u4e00\u90e8\u7d44\u307f\u5408\u308f\u305b\u305f\u30dd\u30b8\u30b7\u30e7\u30f3\u3068\u4f3c\u305f\u52b9\u679c\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u306e\u30c7\u30eb\u30bf\uff1a1 \u2212 \u0394_c\uff080\u301c1\uff09<\/li>\n<li>\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u306e\u30c7\u30eb\u30bf\uff1a1 + \u0394_p\uff08\u0394_p\u306f\u8ca0\uff09<\/li>\n<li>\u8cc7\u7523\u306e\u30ed\u30f3\u30b0\uff0b\u30d5\u30a9\u30ef\u30fc\u30c9\u306e\u30b7\u30e7\u30fc\u30c8\uff1a\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u78ba\u5b9a\u7684\u306b\u6e1b\u3089\u3059<\/li>\n<li>\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u4f7f\u3046\u3068\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u5909\u5316\u306b\u5fdc\u3058\u3066\u30c7\u30eb\u30bf\u304c\u5909\u5316\u3059\u308b\uff08\u30ac\u30f3\u30de\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u0394\uff08\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\uff09= 1 \u2212 \u0394_c\u3001\u0394\uff08\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\uff09= 1 + \u0394_p<\/div>\n<h3>LOS 5\uff1a\u30b7\u30e7\u30fc\u30c8\u30fb\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3068\u30d7\u30c3\u30c8\u306e\u58f2\u308a<\/h3>\n<p>\u539f\u8cc7\u7523\u306e\u30b7\u30e7\u30fc\u30c8\u306b<strong>\u30b3\u30fc\u30eb\u3092\u8cb7\u3046<\/strong>\u3068\u3001\u4fa1\u683c\u4e0a\u6607\u6642\u306e\u640d\u5931\u3092\u9650\u5b9a\u3067\u304d\u307e\u3059\uff08\u4fdd\u967a\uff09\u3002<strong>\u30d7\u30c3\u30c8\u3092\u58f2\u308b<\/strong>\u3068\u30d7\u30ec\u30df\u30a2\u30e0\u53ce\u5165\u3092\u5f97\u3089\u308c\u307e\u3059\u304c\u3001\u4e0a\u6607\u6642\u306e\u640d\u5931\u306f\u9650\u5b9a\u3055\u308c\u305a\u3001\u4e0b\u843d\u6642\u306e\u5229\u76ca\u304c\u9650\u5b9a\u3055\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30b7\u30e7\u30fc\u30c8\uff0b\u30b3\u30fc\u30eb\u8cb7\u3044\uff1a\u6700\u5927\u640d\u5931\u3092\u9650\u5b9a\u3001\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u652f\u6255\u3044<\/li>\n<li>\u30b7\u30e7\u30fc\u30c8\uff0b\u30d7\u30c3\u30c8\u58f2\u308a\uff1a\u30d7\u30ec\u30df\u30a2\u30e0\u53ce\u5165\u3001\u4e0b\u843d\u6642\u306e\u5229\u76ca\u306f\u884c\u4f7f\u4fa1\u683c\u307e\u3067<\/li>\n<li>\u30c7\u30eb\u30bf\uff1a\u3069\u3061\u3089\u3082\u30b7\u30e7\u30fc\u30c8\u306e\u30de\u30a4\u30ca\u30b9\u306e\u30c7\u30eb\u30bf\u3092\u5c0f\u3055\u304f\u3059\u308b\u65b9\u5411<\/li>\n<li>\u30d7\u30c3\u30c8\u58f2\u308a\u306f\u4e0a\u6607\u30ea\u30b9\u30af\u3092\u6e1b\u3089\u3055\u306a\u3044\u70b9\u306b\u6ce8\u610f<\/li>\n<\/ul>\n<h3>LOS 6\uff1a\u30d6\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30d9\u30a2\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3001\u30b9\u30c8\u30e9\u30c9\u30eb\u3001\u30ab\u30e9\u30fc<\/h3>\n<p><strong>\u30d6\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u3068<strong>\u30d9\u30a2\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u306f\u65b9\u5411\u6027\u306e\u898b\u901a\u3057\u3092\u4f4e\u30b3\u30b9\u30c8\u3067\u8868\u73fe\u3057\u3001\u6700\u5927\u5229\u76ca\u30fb\u6700\u5927\u640d\u5931\u3068\u3082\u9650\u5b9a\u3055\u308c\u307e\u3059\u3002<strong>\u30b9\u30c8\u30e9\u30c9\u30eb<\/strong>\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u898b\u901a\u3057\u3001<strong>\u30ab\u30e9\u30fc<\/strong>\u306f\u4fdd\u6709\u682a\u5f0f\u306e\u7d50\u679c\u306e\u5e45\u3092\u9650\u5b9a\u3059\u308b\u6226\u7565\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30d6\u30eb\u30fb\u30b3\u30fc\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u4f4e\u3044\u884c\u4f7f\u4fa1\u683cX\u2081\u306e\u30b3\u30fc\u30eb\u8cb7\u3044\uff0b\u9ad8\u3044X\u2082\u306e\u30b3\u30fc\u30eb\u58f2\u308a\u3001\u6700\u5927\u5229\u76ca X\u2082 \u2212 X\u2081 \u2212 \u7d14\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u640d\u76ca\u5206\u5c90\u70b9 X\u2081 + \u7d14\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u30d9\u30a2\u30fb\u30d7\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\uff1a\u9ad8\u3044X\u2082\u306e\u30d7\u30c3\u30c8\u8cb7\u3044\uff0b\u4f4e\u3044X\u2081\u306e\u30d7\u30c3\u30c8\u58f2\u308a\u3001\u6700\u5927\u5229\u76ca X\u2082 \u2212 X\u2081 \u2212 \u7d14\u30d7\u30ec\u30df\u30a2\u30e0\u3001\u640d\u76ca\u5206\u5c90\u70b9 X\u2082 \u2212 \u7d14\u30d7\u30ec\u30df\u30a2\u30e0<\/li>\n<li>\u30ed\u30f3\u30b0\u30fb\u30b9\u30c8\u30e9\u30c9\u30eb\uff1a\u540c\u3058\u884c\u4f7f\u4fa1\u683c\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u3092\u8cb7\u3046\u3001\u640d\u76ca\u5206\u5c90\u70b9 X \u00b1 (c\u2080 + p\u2080)<\/li>\n<li>\u30b7\u30e7\u30fc\u30c8\u30fb\u30b9\u30c8\u30e9\u30c9\u30eb\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4f4e\u4e0b\u30fb\u5b89\u5b9a\u3092\u898b\u8fbc\u307f\u3001\u640d\u5931\u306f\u5927\u304d\u304f\u306a\u308a\u5f97\u308b<\/li>\n<li>\u30ab\u30e9\u30fc\uff1a\u682a\u5f0f\u306e\u30ed\u30f3\u30b0\uff0bOTM\u30d7\u30c3\u30c8\u8cb7\u3044\uff0bOTM\u30b3\u30fc\u30eb\u58f2\u308a\uff08\u30bc\u30ed\u30b3\u30b9\u30c8\u306b\u3059\u308b\u3053\u3068\u3082\u53ef\u80fd\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u30d6\u30eb\u30fb\u30b3\u30fc\u30eb\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u6700\u5927\u5229\u76ca = (X\u2082 \u2212 X\u2081) \u2212 (c\u2081 \u2212 c\u2082)<\/div>\n<h3>LOS 7\uff1a\u30ab\u30ec\u30f3\u30c0\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u7528\u9014<\/h3>\n<p><strong>\u30ab\u30ec\u30f3\u30c0\u30fc\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong>\u306f\u3001\u540c\u3058\u884c\u4f7f\u4fa1\u683c\u30fb\u7a2e\u985e\u3067\u6e80\u671f\u306e\u7570\u306a\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u7d44\u307f\u5408\u308f\u305b\u307e\u3059\u3002\u77ed\u671f\u3068\u9577\u671f\u306e\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u308a\u65b9\u306e\u5dee\u3084\u3001\u5c06\u6765\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u898b\u901a\u3057\u3092\u5229\u7528\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ed\u30f3\u30b0\uff1a\u9577\u671f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u8cb7\u3044\u3001\u77ed\u671f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u308b<\/li>\n<li>\u30ed\u30f3\u30b0\u306f\u77ed\u671f\u7684\u306b\u5024\u52d5\u304d\u304c\u5c0f\u3055\u304f\u3001\u5c06\u6765\u306f\u5927\u304d\u306a\u52d5\u304d\u3092\u898b\u8fbc\u3080\u5834\u5408<\/li>\n<li>\u30b7\u30e7\u30fc\u30c8\uff1a\u9577\u671f\u3092\u58f2\u308a\u3001\u77ed\u671f\u3092\u8cb7\u3046\uff08\u77ed\u671f\u306e\u5909\u52d5\u304c\u5927\u304d\u304f\u3001\u305d\u306e\u5f8c\u306f\u843d\u3061\u7740\u304f\u3068\u898b\u8fbc\u3080\u5834\u5408\uff09<\/li>\n<li>\u77ed\u671f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u65b9\u304c\u6642\u9593\u4fa1\u5024\u306e\u6e1b\u5c11\uff08\u30bb\u30fc\u30bf\uff09\u304c\u901f\u3044<\/li>\n<\/ul>\n<h3>LOS 8\uff1a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30ad\u30e5\u30fc\u3068\u30b9\u30de\u30a4\u30eb<\/h3>\n<p><strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3<\/strong>\u306f\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5e02\u5834\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3057\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3067\u3001\u884c\u4f7f\u4fa1\u683c\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002OTM\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304cATM\u3088\u308a\u9ad8\u3044\u5f62\u304c\u30b9\u30de\u30a4\u30eb\u3001OTM\u30d7\u30c3\u30c8\u5074\u304c\u9ad8\u304fOTM\u30b3\u30fc\u30eb\u5074\u304c\u4f4e\u3044\u5f62\u304c\u30b9\u30ad\u30e5\u30fc\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u30b9\u30de\u30a4\u30eb\uff1a\u4e21\u5074\u306eOTM\u3067\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u9ad8\u3044<\/li>\n<li>\u30b9\u30ad\u30e5\u30fc\uff1aOTM\u30d7\u30c3\u30c8\u304c\u9ad8\u304f\u3001OTM\u30b3\u30fc\u30eb\u304c\u4f4e\u3044\uff08\u682a\u5f0f\u3067\u4e00\u822c\u7684\uff09<\/li>\n<li>\u30b9\u30ad\u30e5\u30fc\u306f\u4e0b\u843d\u30ea\u30b9\u30af\u3078\u306e\u4fdd\u967a\u9700\u8981\u3092\u53cd\u6620<\/li>\n<li>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b5\u30fc\u30d5\u30a7\u30b9\uff1a\u6e80\u671f\u3068\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30923\u6b21\u5143\u3067\u8868\u793a<\/li>\n<li>\u671f\u9593\u69cb\u9020\uff1a\u6e80\u671f\u3054\u3068\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u9055\u3044<\/li>\n<\/ul>\n<h3>LOS 9\uff1a\u6295\u8cc7\u76ee\u7684\u306b\u5408\u3063\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u306e\u9078\u629e<\/h3>\n<p>\u6226\u7565\u306f\u3001<strong>\u539f\u8cc7\u7523\u306e\u65b9\u5411\u6027\u306e\u898b\u901a\u3057<\/strong>\u3068<strong>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30fb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u5909\u5316\u306e\u898b\u901a\u3057<\/strong>\u306e\u7d44\u307f\u5408\u308f\u305b\u3067\u9078\u3073\u307e\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u660e\u78ba\u306a\u6295\u8cc7\u76ee\u7684\u3068\u7d50\u3073\u3064\u3051\u3066\u4f7f\u3046\u3053\u3068\u304c\u524d\u63d0\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u5f37\u6c17\uff0b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u4e88\u60f3\uff1a\u30b3\u30fc\u30eb\u306e\u8cb7\u3044<\/li>\n<li>\u5f37\u6c17\uff0b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4f4e\u4e0b\u4e88\u60f3\uff1a\u30d7\u30c3\u30c8\u306e\u58f2\u308a<\/li>\n<li>\u5f31\u6c17\uff0b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u4e88\u60f3\uff1a\u30d7\u30c3\u30c8\u306e\u8cb7\u3044<\/li>\n<li>\u5f31\u6c17\uff0b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4f4e\u4e0b\u4e88\u60f3\uff1a\u30b3\u30fc\u30eb\u306e\u58f2\u308a<\/li>\n<li>\u65b9\u5411\u611f\u306a\u3057\uff0b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u4e88\u60f3\uff1a\u30ed\u30f3\u30b0\u30fb\u30b9\u30c8\u30e9\u30c9\u30eb\u3001\u4f4e\u4e0b\u4e88\u60f3\uff1a\u30b7\u30e7\u30fc\u30c8\u30fb\u30b9\u30c8\u30e9\u30c9\u30eb<\/li>\n<\/ul>\n<h3>LOS 10\uff1a\u76ee\u6a19\u3068\u3059\u308b\u682a\u5f0f\u30ea\u30b9\u30af\u30fb\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u5b9f\u73fe<\/h3>\n<p>\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u4f7f\u3046\u3068\u3001\u4fdd\u6709\u682a\u5f0f\u3092\u58f2\u8cb7\u305b\u305a\u306b<strong>\u4e0b\u843d\u30ea\u30b9\u30af\u306e\u9650\u5b9a\u3001\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306e\u7e2e\u5c0f\u30fb\u62e1\u5927<\/strong>\u306a\u3069\u3092\u5b9f\u73fe\u3067\u304d\u307e\u3059\u3002\u30b3\u30b9\u30c8\u3068\u3001\u624b\u653e\u3059\u5024\u4e0a\u304c\u308a\u76ca\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u8003\u3048\u3066\u69cb\u6210\u3092\u6c7a\u3081\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30d7\u30ed\u30c6\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30c3\u30c8\u3084\u30d7\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u4e0b\u843d\u3092\u9650\u5b9a<\/li>\n<li>\u30ab\u30e9\u30fc\u3067\u30b3\u30b9\u30c8\u3092\u6291\u3048\u3064\u3064\u7d50\u679c\u306e\u5e45\u3092\u9650\u5b9a<\/li>\n<li>\u30ab\u30d0\u30fc\u30c9\u30fb\u30b3\u30fc\u30eb\u3067\u76ee\u6a19\u4fa1\u683c\u3067\u306e\u58f2\u5374\u3084\u30a4\u30f3\u30ab\u30e0\u5411\u4e0a<\/li>\n<li>\u30b3\u30fc\u30eb\u306e\u8cb7\u3044\u3067\u5c11\u306a\u3044\u8cc7\u91d1\u3067\u4e0a\u6607\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc<\/li>\n<li>\u96c6\u4e2d\u3057\u305f\u4fdd\u6709\u682a\u5f0f\u306e\u30ea\u30b9\u30af\u7ba1\u7406\u3084\u3001\u7a0e\u30fb\u898f\u5236\u4e0a\u306e\u7406\u7531\u3067\u58f2\u5374\u3067\u304d\u306a\u3044\u5834\u5408\u306b\u6709\u52b9<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-drm-lm2\/\">LM2 Swaps, Forwards, and Futures Strategies\uff08\u30b9\u30ef\u30c3\u30d7\u30fb\u30d5\u30a9\u30ef\u30fc\u30c9\u30fb\u5148\u7269\u306e\u6226\u7565\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-drm\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Derivatives and Risk Management\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Derivatives and Risk Management LM1\u300cOptions Strategies\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10884"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10884\/revisions"}],"predecessor-version":[{"id":11369,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10884\/revisions\/11369"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11230"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}